Online Savings Account as a gift?

PP02

Is it possible to setup, preferably a savings account, on behalf of someone else?

I'd like to deposit some cash in it and give it to them as a gift to encourage them to save - or for them to use in emergency's. I would prefer it with online access and no paperwork (nothing illegal, just a delicate situation). If not a savings account can anyone recommend an alternate solution that would fit the bill?

thanks for any advice/help

grumbler

Not a good idea. Looks for me like an 'identity fraud' :eek:
Usually banks demand proofs of ID and address to open an account in accordance with anti-moneylaundering regulations.

Paul_Varjak

How old is the person you want to save for and how are they related to you?

Al_Mac

Can't be done sorry, SWMBO had to fill in forms for my parents to do it for our children, then had to do a change of address to parents address, so they could keep it a secret.

KYC - Know Your Customer is the big thing since 9/11.

Money laundering as well, big movements of cash have to be spotted or the FSA are not happy.
:beer:

PP02

person is late 20's, a friend in a difficult relationship - they mentioned having an emergency slush fund they wanted to be able to build on. It's their birthday in May.

The account will have at most £200 going into it each month.

Are there other alternatives available?

BigDunc

I've often wondered how much paperwork an online account generates. My brother is in an unstable relationship. He recently inherited some money that he wants to put in a decent savings account but doesn't want his other half to know about. He asked his bank about an ISA but they said they would have to send the account details to his home address. If he opened an online account would the same thing apply?

Katgoddess

I have an account with Barclays, and because I have a bit of a mad mother (long story) all my mail used to be delivered to my sisters address, but they bank still had my normal address on the system as my home. Maybe they can still do this? If you go into the branch, with your friend, and explain the situation?

Saying that, a work collegue lives in flats which have a problem with people stealing the post, and all her bank mail goes to her mothers. So it is possible. Your friend will have to open the account though.

Al_Mac

Katgoddess wrote:

all my mail used to be delivered to my sisters address

Most financial institutions allow a residential address, where you live. And a correspondance address, where you post goes to.

Just for this reason.
:beer:

PP02

Correspondance address seems to be the only solution.

Thanks for the replies, appreciated.

JMU-95

BigDunc wrote:

He asked his bank about an ISA but they said they would have to send the account details to his home address. If he opened an online account would the same thing apply?

nope, if you open an online account you can opt to have online statements rather than paper ones. All your brother needs is regular access then to a PC.